FAQ About Ownership in Turkey

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jacktandy00Newbie

Posts : 22Join date : 2018-06-06

Subject: FAQ About Ownership in Turkey Sat Sep 15, 2018 6:12 am

Q1: Do foreigners have the right to own a property in Turkey? When was that? How?Yes, they do. The Turkish Parliament has issued a decree in September 2012, which gives the foreigners the right of ownership in Turkey, without taking into consideration the principle of reciprocity.Q2: What are the procedures of ownership in Turkey?First: choose the right property and prepare the following documents:[list=margin-top:0in][*]A copy of the land registry (title deed) or instrument.[*]A legal location description or a copy of the property location from the municipality plan.[*](PIN) the property identification number in the municipality plan (for lands).[/list]Second: get a tax number from the tax department, and that is a very easy process.Third: translate the passport into the Turkish language, authenticate the translation at the notary, and get 4 personal photos.Fourth: sign the purchase contract with the seller and pay a deposit, which prefer not to be more than 25% of the purchase value conditioned by the approval of the security authorities. The paid deposit is often 25% of the property value, while the remaining amount is paid after finishing the transfer process of ownership to the buyer through the competent authorities and after getting the buyer the approval of the region management and the security agencies.Finally: apply for transfer land ownership request to the security authorities and please know that the approval of the security takes a period of time that ranges from 1 to 45 days. We advise not to pay the full amount before receiving the Title Deed, and never before that. Go with the seller to the Land Registry Department (instrument) when the approval is issued, and it is better to take an interpreter with you to make sure of the validity of the data, the property identification number (PIN), and the area of the property.The payable expenses by the customer and the seller are the buying and selling tax, which is almost about 3% of the property value in addition to the tax of exchange for a bill of the propertyvalue, which is 1% of the property value and this is paid by the buyer.Q3: What is the tax number? How do I get it?Tax number in Turkey (vergı numarsı) is a number of your own; you are sometimes asked for it in legal and official transactions or when opening a bank account in Turkey. You can get this number, regardless of the existence of the residence permit in Turkey, easily through the following:[list=margin-top:0in][*]You must get a copy of your passport and provide your address in Turkey.[*]Go to the nearest tax directorate (vergı müdürlüğü) in your region and ask for a tax number.[*]In the tax directorate, they will enter your data into the system and give you a card with a tax number of your own on it.[/list]Q4: Is it possible in Turkey to buy a property bankrolled by an Islamic bank, as is the case in the Gulf States?Yes, it is possible if the bank in your country accepts to buy the property and then pays in installments to the owner in Turkey.Q5: How many properties can I own? What is the minimum period in which I can own a property in Turkey?For the citizens of the Arab Gulf countries, the number of properties is unlimited. Moreover, more than one person can own the same property.Concerning the period, on average, after choosing the right property, the purchase process does not take more than 3 days, yet the transfer of the ownership to the buyer needs two months at most.Q6: What are the official documents that I have to bring with me from my country in order to own in Turkey?Only your passport.Q7: Do I need a visa to enter Turkey? How long does the Turkish visa last?Yes, you do. You can get a visa either at the airport or when you go to the Embassy of the Republic of Turkey in your country.The visa lasts for three, subject to renewal, months. Moreover, you can get a six-month residence permit, which is also subject to renewal.Q8: After I enter Turkey, do I have to go to the security office to get an official residence permission? After I own the property, what about my residency in Turkey?If you are planning to buy a property immediately, there is no need to get an official residence permit because you can get a two-year, subject to renewal, residence permit after owning the property, and that would be for you and for each of your family (Wife and children aged under 18 years). However, if you stay more than three months and you did not buy a property, you can get a six-month, subject to renewal, residence permit.Q9: What are the bank means to transfer money from my country to Turkey? Are there any participation banks between the Gulf States and Turkey to facilitate the transfer of money?You may open an account at any Turkish bank very easily and then transfer money. You also may open an account at any Gulf Turkish participation bank such as the Kuwait Turkish Participation Bank (Kuveyt Türk Participation Bank) or in its branches such as Kuwait Finance Bank in Kuwait, and then you may ask for money as if you are in your home country.Q10: What is the average price of a property in Turkey? Is there any installments system?The price of a property varies from one city to another and from a district to another within the same city, but on average, it is fair to say that you can own a good apartment for 60,000 $. And yes, the installments system is available in Turkey.Q11: Can I define my attorney to run the property due to transactions in Turkey?Yes, you can by authorizing your attorney in your country, translating the authorization (sworn translation) and getting it authenticated by the Turkish Embassy in your country.Q12: What are the due expenses other than the property price?The owner shall pay the real estate broker 3% of the property value, and also shall pay the purchase tax, paid for one time, which is 3.9% of the total value of the property.Q13: What about property insurance in Turkey, are the global branches of insurance companies available?Yes, they are. Property insurance against earthquakes is available by international branches of known insurance companies.Q14: After buying the property, how could I provide it with gas, electricity, water and internet services? Then how could I pay the bills during my absence?You have to go to gas, water, and electricity companies, pay a nominal amount insurance, and register meters respectively on your name. We, in Imtilak real estate may help you through real estate management service.Q15: How can I get benefits from the property during the months that I would not be in Turkey?You may either rent the property or offer it for real estate investment, and the renter can transfer the monthly payments to you via the bank.Q16: If the price of a property rises and I want to sell it, what are the procedures thereof?If you wanted to sell your property before five years from the date of purchasing, you have to pay a tax that is about 20% of the net profits for the Turkish tax department. However, if you wanted to sell it after five years, there are no taxes. Procedures also vary if the property owner is a company, not an individual investor.Q17: Is it possible to come to Turkey in my own car and register it in Turkey?Yes, but the car entrance shall be through either land border crossings or seaports. That would happen without paying any taxes, on condition that the car leaves Turkey within six months. Otherwise, you have to pay a tax.